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A sharp sell-off gripped the markets this Friday morning, with all three major stock market averages surrendering ground. The week is set to conclude on a sour note, following President Trump’s recent threat to levy a steep 50% tariff on the EU, a measure that could be implemented in the coming days. In a potentially encouraging sign, the Dow Jones Industrial Average has trimmed its losses almost in half, while both the Nasdaq Composite and S&P 500 have similarly come off their worst levels.
The majority of economic sectors are trading lower, with consumer discretionary and technology stocks taking the hardest hits. The SPX ETF is lower by 0.84%, while the S&P 500 is on pace for a 2.7% weekly decline. Bond yields are declining as the trade war escalates, bringing a volatile week for the bond market to a close. Stock market volatility has also reemerged, highlighted by a 25% increase in the CBOE Volatility Index (VIX).
Apple (Nasdaq: AAPL) is facing renewed pressure, with President Trump warning that iPhones produced outside the U.S. could be subject to substantial tariffs, causing Apple stock to drop 2% today. Yet, in a bright spot among the Magnificent Seven, prominent Wedbush analyst Dan Ives is optimistic about Tesla (Nasdaq: TSLA), boosting his price target on the electric vehicle manufacturer to $500, suggesting a 49% upside potential, alongside an “outperform” rating.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 253.11 (-0.60%)
Nasdaq Composite: Down 182.34 (-0.94%)
S&P 500: Down 44.23 (-0.77%)
Market Movers
Nuclear stocks are defying the downward trend today, gaining ground as the Trump administration signals favorable conditions for the industry. Companies including Oklo (NYSE: OKLO), NuScale (NYSE: SMR), and Constellation Energy (Nasdaq: CEG) are all advancing, led by a double-digit percentage gain for OKLO.
Quantum computing stock IonQ (NYSE: IONQ), however, is down as much as 4.7% today, following yesterday’s rally that saw its share price close above $45.
In earnings developments, Intuit (NYSE: INTU) is gaining 8.6% today while Deckers (NYSE: DECK) is sinking 21.7% on a Wall Street downgrade following disappointing results on tariff impacts.
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